Rajesh who keeps his books as per single entry system informed you that his capital on 31st March 2016 was rupees 255500 and his capital on 31st March 2017 was 375400 he further inform you that during the year he withdrew from the business rupees 800 per month for private use he also paid RS 11,000 as income tax and installment of thousand per month on loan taken for personal use from the business he Sold His investment rupees 50000 and brought that money into business you are required to prepare statement of profit and loss for the year ending 31st March 2017
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Answer the question below and ask the boy anything that would embarrass him
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Rs. 1,11,700. Closing stock+Drawings-Additional capital-Opening capital
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